Global Demand of Insurance Brokerage Market Size & Share to Grow at a CAGR of 16.1%, Expected to Hit USD 278.30 Billion Mark by 2030 | Insurance Brokerage Industry Trends, Analysis & Forecast Report by Zion Market Research
Insurance Brokerage Market: Overview
Insurance brokerage refers to the business of providing independent advice and related services to people in terms of insurance schemes available and their benefits. Insurance is a measure by which people can protect their financial interests, especially losses. Insurance brokerage involves two parties in which one provides the other with a nominal and regular fee in return for an agreement that the other party will compensate monetarily in case of certain events, loss of life, or health conditions. The process is conducted with the aid of an insurance broker who acts as an intermediary between the company and the client. Insurance brokers differ from insurance agents in the sense that the former acts on behalf of the client as they hold negotiations with multiple insurance-based companies whereas the latter acts as a salesperson on behalf of the company.
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Zion Market Research methodology
Key Industry Insights & Findings of the Insurance Brokerage Market Reports:
- As per the analysis shared by our research analyst, the global ISO insurance brokerage market is estimated to grow annually at a CAGR of around 16.1% over the forecast period (2022-2030)
- In terms of revenue, the global ISO insurance brokerage market size was valued at around
USD 128.211 billion in 2021 and is projected to reachUSD 278.309 billion , by 2030. - The market is projected to grow at a significant rate due to growing uncertainties in terms of financial loss
- Based on mode segmentation, offline was predicted to show maximum market share in the year 2021
- Based on end-user segmentation, the corporate was the leading user in 2021
- On the basis of region,
North America was the leading revenue generator in 2021
Industry Dynamics:
Insurance Brokerage Market: Growth Drivers
- Growing uncertainties in terms of financial loss to restrict market expansion.
The global insurance brokerage market is projected to benefit due to the uncertain situations arising due to multiple factors that can lead to severe financial losses. This includes all types of financial risks including the ones related to business or on the personal front, related to health conditions. Under such situations, more people are looking for ways to ensure that under certain conditions the business or the loved ones can be protected against severe financial strains. Leveraging the benefits offered by insurance brokers, insured entities or persons can benefit higher as opposed to situations where there is no role played by an insurance broker.
One of the key benefits is objective risk assessment since firms working in the global market work toward the benefit of the person who is undertaking the insurance. This means that insurance brokers assess all of the insurance services and provide the clients with a list that best meets their requirements. Such efficiency cannot be achieved by handling insurance that is worth millions of dollars alone or without external help.
Insurance Brokerage Market: Restraints
- Partial reliance on insurance agents to restrict market expansion.
Insurance brokers work for the insurance buyers and have only professional relationships with the insurance companies, the end-user may think of them as independent entities. However, this very aspect of insurance brokerage means that the people working as brokers have to partially rely on insurance agents, the people who work for the insurance companies. This is because insurance brokers lack the necessary authority to bind the coverage. This right is only present with insurance agents. The dependency of insurance brokers on insurance agents is a disadvantage for the global market players since the completion of the process ultimately lies in the hands of insurance agents, giving them a higher authority.
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Insurance Brokerage Market: Opportunities
- Growing demand for vehicle insurance to provide growth opportunities.
The global insurance brokerage market is expected to benefit from the rising sales in the automotive segment, especially in the high-end, premium, or luxury sub-segment where the buyer prefers to get the vehicle insured for a nominal price. Buyers of luxury cars generally tend to spend on comprehensive insurance and even though the expense can be quite high, it is always recommended to get the vehicles insured. Furthermore, the same trend is currently being witnessed in the other automotive segments where certain countries mandate that every car has to be insured. For instance, in
Insurance Brokerage Market: Challenges
- Direct purchasing by consumers to act as a major challenge.
One of the key challenges faced by the global market players is when consumers directly opt for insurance purchases without the assistance of a third party. This could be due to various factors like lack of knowledge about the benefits of intermediaries, lack of trust in intermediaries, the result in overall cost when insurance brokers come into the picture, and many other professional or personal reasons. However, the global market players have invested in exhaustive marketing strategies to spread more awareness amongst the population.
Global Insurance Brokerage Market: Segmentation
- The global insurance brokerage market is segmented based on mode, type, end-user, and region.
Based on mode, the global market is divided into online and offline
- The global market registered the highest growth in the offline segment since the majority of people prefer to use traditional ways at least during the initial stages of contract signing
- The online mode gains more traction in the urban population or for post-purchase services
- During the projection period, the global market is expected to register the fastest growth in the online segment due to the growing investments in the adoption of advanced technology for enhanced customer experience
- A recent survey concluded that almost 64.9% of the population may prefer online channels for insurance purchases in the coming years
Based on end-user, the global market is divided into individuals and corporate
- The segmental growth was driven by the corporate segment in 2021 and it is majorly because corporations and businesses tend to invest in multi-million dollar insurance schemes for various projects. Such transactions are better dealt with the intervention of a third party who has a better hold over the insurance market
- Individual insurance policy takers may find insurance agents as fitting assistance
- In 2019, Marsh & McLennan registered an annual revenue of
USD 16.7 billion
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List of Key Players in Insurance Brokerage Market:
- Marsh and McLennan Companies Inc.
Alliant Insurance Services Inc. HUB International Ltd. Navnit Insurance Broking Pvt. Ltd. Mahindra Insurance Brokers Ltd. - Truist Financial Corp.
Key questions answered in this report:
- What are the growth rate forecast and market size for Insurance Brokerage Market?
- What are the key driving factors propelling the Insurance Brokerage Market forward?
- What are the most important companies in the Insurance Brokerage Market Industry?
- What segments does the Insurance Brokerage Market cover?
- How can I receive a free copy of the Insurance Brokerage Market sample report and company profiles?
Report Scope:
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Recent Developments
- In
December 2022 , Aditya Birla Capital Limited, a financial solutions provider, announced that it was considering selling its insurance brokerage segment. The move is anticipated to be influenced by the company's plan to restructure its entire financial service business. The company has already started negotiating with potential buyers as the management has failed to reap the expected outcomes from the business - In
November 2022 ,Marsh McLennan , the world's most dominating financial service provider announced a partnership withAtlantic Council's Arsht-Rockefeller Foundation Resilience Center (Arsht-Rock) to encourage the Race to Resilience initiative undertaken by theUnited Nations (UN). The initiative is aimed at managing climate resilience with a change in approach
Regional Dominance:
North America to lead with the highest CAGR.
The global insurance brokerage market is projected to be dominated by
Global Insurance Brokerage Market is segmented as follows:
Insurance Brokerage Market: By Mode Outlook (2022-2030)
- Online
- Offline
Insurance Brokerage Market: By Type Outlook (2022-2030)
General Insurance - Life Insurance
Health Insurance - Others
Insurance Brokerage Market: By End User Outlook (2022-2030)
- Individuals
- Corporate
Insurance Brokerage Market: By Region Outlook (2022-2030)
- The
U.S. Canada
France - The
UK Spain Germany Italy - Rest of
Europe
China Japan India South Korea Southeast Asia - Rest of
Asia Pacific
Brazil Mexico - Rest of
Latin America
- GCC
South Africa - Rest of
Middle East &Africa
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